Fidelity Investments, which manages some $4.5T in assets under management, is ramping up its long-term bullish bets on the cryptocurrency industry as its digital assets business plans to increase its headcount by another 100 workers in the next three to six months, bringing the total to around 400.
The hires will take hold across a number of functions including client services, operations, technology, business development, marketing, and compliance, a spokesperson for Fidelity Digital Assets told Seeking Alpha via email.
That comes on the heels of FDA allowing its institutional clients earlier this week to buy, sell, and transfer ethereum (ETH-USD) starting October 28 in response to growing client interest, CoinDesk reported, citing a memo.
Taking into account those actions, FDA, which was launched in 2018 and offers a custody and trading platform and asset management products to its clients, appears to be unbothered by the recent market downturn that spurred a slew of crypto-related firms, such as crypto exchanges Coinbase Global (COIN) and Gemini, to lay off workers.
“This suggests that the bigger companies with larger balance sheets, who are able to weather through the storm, will capitalize on the downfall of others,” GlobalBlock analyst Marcus Sotiriou wrote in a note.
In mid-September, Fidelity was said to have considered enabling bitcoin (BTC-USD) trading for its over 34M brokerage clients.